A trader with nerves of steel turned $681,000 into $6.77 million in only three hours with Satoshi Virtual Machine, a freshly-launched Bitcoin BTC/USD scaling solution.
What Happened: Lookonchain, an on-chain analytics provider, shared the trader's gutsy strategy: they used Banana Gun, a popular Telegram-based trading bot, to secure the very first trade upon launch of $SAVM. To do so, the trader paid a "bribe fee," an additional incentive fee in Ethereum ETH/USD, of 141.66 ETH, worth $353,000.
This allowed the trader to grab 2.61 million $SAVM tokens, worth $6.77 million. At the time of writing, the trader has sold 2.16M $SAVM for $4.38 million so far.
Why It Matters: The story mirrors the rags-to-riches fairy tale of a Solana-based user that turned $5,000 into $1.8 million with dogwifhat, a dog-themed memecoin.
However, in this instance, the person executed a costly and highly advanced strategy to capitalize on a widely-anticipated launch.
Satoshi Virtual Machine, the token in question, is a "decentralized Bitcoin Layer-2" with ambitions to scale Bitcoin. It aims to enable users to interact with Bitcoin in "a manner similar to interacting with Ethereum."
The launch leverages the hype around Bitcoin Ordinals, quasi-NFTs that operate on the Bitcoin blockchain. It remains to be seen to what degree the project will be able to deliver on its promises.
What's Next: Traders looking to emulate this success story should keep in mind that such feats are often the results of years of experience and can, as in this case, be expensive to execute. Not to mention that often not everything is at it seems, as cases of insider trading show.
Read Next: Trump NFTs To Get Bitcoin Ordinals Treatment: How You Can Own One
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